(CN) – The U.S. economy is on voters’ minds, and according to a poll Monday they’re worried a recession is looming on the horizon and the economy will slide downward in 2020.
The Great Recession took hold in late 2007 and receded by June 2009, but the effects lingered for years as employment and output levels staggered back to pre-recession levels.
Nearly 10 years later, voters are having a case of déjà vu. From 1,001 registered voters, 73% said they were very or somewhat concerned that they will be hit by another recession, according to the HarrisX/The Hill poll released Monday.
The specter of an economic recession was a concern for 55% of Republican voters and 84% of Democratic voters. That worry extended to 79% of independent voters according to the poll.
Overall declines last week, like the Dow Jones Industrial Average nosediving 800 points in a single trading day, have American voters on edge and the Trump administration struggling to perform damage control.
On Sunday, White House economic adviser Larry Kudlow – a former Ronald Reagan White House economist – went on NBC’s “Meet the Press” and said, “We’re doing pretty darn well, in my judgment. Let’s not be afraid of optimism.”
Host Chuck Todd said, “I admire your optimism, but the data is pointing in another direction.”
In 2007, just ahead of the last recession, Kudlow said there was no recession coming and at the time he explained the Bush administration was responsible for a boom to the economy which would recover by 2008.
On Monday, President Trump tweeted, “Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed, but the Democrats are trying to ‘will’ the Economy to be bad for purposes of the 2020 Election.”
In another tweet, Trump said the Federal Reserve should cut interest rates.
“The Fed Rate, over a fairly short period of time, should be reduced by at least 100 basis points, with perhaps some quantitative easing as well,” Trump wrote.
Trump did not mention that numerous economists blame his trade battles with China and Europe for the hit the U.S. and global economy have endured.